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VinFast chief plans to invest $1 billion more from his fortune in EV maker

By Phuong Nguyen

HANOI (Reuters) -Vietnamese billionaire Pham Nhat Vuong said on Thursday he planned to invest $1 billion more from his own fortune into Nasdaq-listed electric vehicle (EV) maker VinFast, and was considering listings for other companies he controls.

Speaking at a shareholders meeting of Vingroup, the conglomerate he chairs and of which he directly owns 18% of its shares, Vuong said he could further expand investments in loss-making VinFast after he and Vingroup had poured $11.4 billion into the company as of the end of last year.

“I plan to give VinFast $1 billion from my own pocket,” he said without specifying a time frame. Vuong is the chief executive of VinFast, in which he has a 97% stake in direct ownership and through companies he controls.

“The electric vehicle market will continue to grow, surpassing combustion engine cars. I will not give up on VinFast,” he…

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